Federal Register / Vol. 88, No. 161 / Tuesday, August 22, 2023 / Notices 57163 

20 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Self-Regulatory Organizations; ICE Clear Credit 

LLC; Notice of Filing of Proposed Rule Change 

Relating to the Clearance of Additional Credit 

Default Swap Contracts; Exchange Act Release No. 

97808 (June 27, 2023), 88 FR 42807 (July 3, 2023) 

(File No. SR–ICC–2023–010) (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2)(C). 

5 15 U.S.C. 78q–1(b)(3)(F). 

6 17 CFR 240Ad–22(e)(1). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1(b)(3)(F). 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NYSECHX–2023–16 and should be 

submitted on or before September 12, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–17983 Filed 8–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98143; File No. SR–ICC– 

2023–010] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Order Approving 

Proposed Rule Change Relating to the 

Clearance of Additional Credit Default 

Swap Contracts 

August 16, 2023. 

I. Introduction 

On June 13, 2023, ICE Clear Credit 

LLC (‘‘ICC’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to section 

19(b)(2) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

clear additional credit default swap 

(‘‘CDS’’) contracts. The proposed rule 

change was published for comment in 

the Federal Register on July 3, 2023.3

The Commission did not receive 

comments regarding the proposed rule 

change. For the reasons discussed 

below, the Commission is approving the 

proposed rule change. 

II. Description of the Proposed Rule 

Change 

ICC is registered with the Commission 

as a clearing agency for the purpose of 

clearing CDS contracts. Chapter 26 of 

ICC’s Rulebook covers the CDS contracts 

that ICC clears, with each subchapter of 

Chapter 26 defining the characteristics 

and additional Rules applicable to the 

various specific categories of CDS 

contracts that ICC clears. Among other 

CDS contracts, ICC currently clears 

Standard Emerging Market Sovereign 

Single Name CDS (‘‘SES’’) contracts and 

Standard Western European Sovereign 

Single Name (‘‘SWES’’) contracts. 

The purpose of the proposed rule 

change is to amend ICC’s rules to permit 

ICC to clear additional SES and SWES 

contracts, specifically, SES contracts on 

Romania and the Socialist Republic of 

Vietnam and SWES contracts on the 

Kingdom of Sweden. 

To carry out this change, the proposed 

rule change would amend Subchapter 

26D and Subchapter 26I of Chapter 26. 

In Rule 26D–102 (Definitions), ‘‘Eligible 

SES Reference Entities,’’ the proposed 

rule change would add Romania and the 

Socialist Republic of Vietnam to the list 

of specific Eligible SES Reference 

Entities to be cleared by ICC. Likewise, 

in Rule 26I–102 (Definitions), ‘‘Eligible 

SWES Reference Entities,’’ the proposed 

rule change would add the Kingdom of 

Sweden to the list of specific Eligible 

SWES Reference Entities to be cleared 

by ICC. 

As discussed below, these additional 

SES and SWES contracts have terms 

consistent with the other SES and SWES 

contracts that ICC is already clearing. 

Likewise, to clear these additional 

contracts, ICC will be able to rely on its 

existing Risk Management Framework 

and other policies and procedures 

without making any changes. 

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act requires 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if it finds that the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

the organization.4 For the reasons given 

below, the Commission finds that the 

proposed rule change is consistent with 

section 17A(b)(3)(F) of the Act 5 and 

Rule 17Ad–22(e)(1) thereunder.6

a. Consistency With Section 17A(b)(3)(F) 

of the Act 

Section 17A(b)(3)(F) of the Act 

requires, among other things, that the 

rules of ICC be designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and 

transactions.7

The Commission finds that the 

proposed rule change is consistent with 

section 17A(b)(3)(F) of the Act.8 The 

Commission has reviewed the terms and 

conditions of the additional SES and 

SWES contracts proposed for clearing 

and has determined that those terms 

and conditions are substantially similar 

to the terms and conditions of the other 

contracts listed in Subchapter 26D and 

26I of the ICC Rules, all of which ICC 

currently clears, with the key difference 

being the underlying reference 

obligations. For the additional SES 

contracts, the underlying reference 

obligations will be issuances by 

Romania and the Socialist Republic of 

Vietnam. For the additional SWES 

contracts, the underlying reference 

obligations will be issuances by the 

Kingdom of Sweden. 

After reviewing the Notice and ICC’s 

Rules, policies, and procedures, the 

Commission also finds that ICC would 

be able to clear the additional SES and 

SWES contracts pursuant to its existing 

clearing arrangements and related 

financial safeguards, protections, and 

risk management procedures. 

Commission staff also conducted a 

review of data on volume, open interest, 

and the number of ICC Clearing 

Participants (‘‘CPs’’) that currently trade 

in the SES and SWES contracts, as well 

as certain model parameters for the 

additional contracts. Based on this 

review, as well as its own experience 

and expertise, the Commission finds 

that ICC’s rules, policies, and 

procedures are reasonably designed to 

price and measure the potential risk 

presented by the additional SES and 

SWES contracts, collect financial 

resources in proportion to such risk, and 

liquidate the additional contracts in the 

event of a CP default. This should help 

ensure ICC’s ability to maintain the 

financial resources it needs to provide 

its critical services and function as a 


lotter on DSK11XQN23PROD with NOTICES1
57164 Federal Register / Vol. 88, No. 161 / Tuesday, August 22, 2023 / Notices 

9 15 U.S.C. 78q–1(b)(3)(F). 

10 17 CFR 240Ad–22(e)(1). 

11 17 CFR 240.17Ad–22(e)(1). 

12 15 U.S.C. 78q–1(b)(3)(F). 

13 17 CFR 240.17Ad–22(e)(1). 

14 15 U.S.C. 78s(b)(2). 

15 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

16 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

central counterparty, thereby promoting 

the prompt and accurate settlement of 

the additional SES and SWES contracts 

and other credit default swap 

transactions. 

Therefore, the Commission finds that 

clearance of the additional SES and 

SWES contracts would promote the 

prompt and accurate clearance and 

settlement of securities transactions, 

consistent with section 17A(b)(3)(F) of 

the Act.9

b. Consistency With Rule 17Ad–22(e)(1) 

Rule 17Ad–22(e)(1) requires ICC to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to provide for a 

well-founded, clear, transparent, and 

enforceable legal basis for each aspect of 

its activities in all relevant 

jurisdictions.10

The Commission believes that the 

proposed rule change would help 

provide a well-founded, clear, 

transparent, and enforceable legal basis 

for ICC’s clearance of SES contracts on 

Romania and the Socialist Republic of 

Vietnam as well as SWES contracts on 

the Kingdom of Sweden. By amending 

Rule 26D–102 to add both the Socialist 

Republic of Vietnam and Romania to the 

list of specific Eligible SES Reference 

Entities to be cleared by ICC, the 

proposed rule change would help to 

ensure that ICC can clear SES contracts 

on those countries pursuant to its 

existing rules in Subchapter 26D. 

Likewise, by amending Rule 26I–102 to 

add the Kingdom of Sweden to the list 

of specific Eligible SWES Reference 

Entities to be cleared by ICC, the 

proposed rule change would help to 

ensure that ICC can clear SWES 

contracts on the Kingdom of Sweden 

pursuant to its rules in Subchapter 26I. 

The Commission believes Subchapter 

26D and Subchapter 26I each would 

provide a well-founded, clear, 

transparent, and enforceable legal basis 

for ICC to clear these contracts, 

consistent with the requirements of Rule 

17Ad–22(e)(1).11

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act, and in 

particular, with the requirements of 

section 17A(b)(3)(F) of the Act 12 and 

Rule 17Ad–22(e)(1) thereunder.13

It is therefore ordered pursuant to 

section 19(b)(2) of the Act 14 that the 

proposed rule change (SR–ICC–2023– 

010), be, and hereby is, approved.15

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–17977 Filed 8–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–107, OMB Control No. 

3235–0116] 

Proposed Collection; Comment 

Request; Extension: Form 6–K— 

Exchange Act Rules 13a–16 and 15d– 

16 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Form 6–K (17 CFR 249.306) is a 

disclosure document under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) that must be filed by 

a foreign private issuer to report 

material information promptly after the 

occurrence of specified or other 

important corporate events that are 

disclosed in the foreign private issuer’s 

home country. The purpose of Form 6– 

K is to ensure that U.S. investors have 

access to the same information that 

foreign investors do when making 

investment decisions. Form 6–K takes 

approximately 8.7 hours per response 

and is filed by approximately 34,794 

issuers annually. We estimate that 75% 

of the 8.7 hours per response (6.525 

hours) is prepared by the issuer for a 

total annual reporting burden of 227,031 

hours (6.525 hours per response × 

34,794 responses). 

Written comments are invited on: (a) 

whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication by October 23, 2023. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Please direct your written comment to 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: August 17, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–18011 Filed 8–21–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98147; File No. SR–ICC– 

2023–009] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Amendment No. 1 and Partial 

Amendment No. 2 and Order Granting 

Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 and Partial 

Amendment No. 2, Relating to the ICC 

Default Auction Procedures—Initial 

Default Auctions 

August 16, 2023. 

I. Introduction 

On June 22, 2023, ICE Clear Credit 

LLC (‘‘ICC’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to section 

19(b)(2) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend the ICC Default Auction 

Procedures—Initial Default Auctions 


lotter on DSK11XQN23PROD with NOTICES1